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...Tesla's upcoming IPO will go out for somewhere between $1 and $1.5 billion. This will mean that the opening price could be around $10-$12 a share...and follows a 1-for-3 reverse stock split that the board recently approved.
Electric car maker Tesla Motors Inc. is scheduling its initial public offering to trade on June 29, and hopes to raise as much as $178 million in the deal.
...The Palo Alto, CA-based company plans to raise $167 million by offering 11.1 million shares at a price range of $14-$16; at the mid-point of the proposed range, Tesla Motors will command a market value of $1.5 billion. The electric car maker will also conduct a private placement of $50 million to Toyota at the IPO price, according to the SEC filing...
Goldman Sachs, Morgan Stanley, JP Morgan and Deutsche Bank this morning commenced marketing the US$177.6m IPO of electric car manufacturer Tesla Motors. The deal consists of 11.1m shares and pricing is expected on June 28 within a US$17-$19 range. Upon pricing, Toyota Motor will purchase an additional US$50m at the offer price in a concurrent private placement.
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Current owners — primarily venture capitalists and Tesla Chief Executive Elon Musk — will sell about 2.2 million of the shares. Musk looks to make about $21 million from the deal, assuming the shares sell at the midpoint of the offering target, or for $15 each.
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In its SEC filing, Tesla said it was reserving the purchase of about 900,000 shares in the offering for customers who had received delivery of a Tesla Roadster from the automaker, as well as business associates, employees and friends and family members of the employees...
BTW: Tesla just sent an email to owners regarding allocation of IPO shares to owners who express interest b/f 29June. Nice to see Elon keeping his word on this one.
The underwriters have reserved for sale, at the initial public offering price, up to 888,000 shares of our common stock being offered for sale to business associates, directors, employees and friends and family members of our employees and Tesla customers who have received delivery of a Tesla Roadster from Tesla.
From the prospectus:
Looks like they are offering up to 500 shares to "Tesla customers who have received delivery of a Tesla Roadster from Tesla", at least that is the maximum the web site will offer me. At an estimated price of $14-$16/share.
At the $15 mid-point,Tesla would be valued at $1.4 billion. That's quite a price for a company that has only existed for a few years and has never turned a penny of profit.